BTC market analysis

Let’s start with BTC. BTC’s weekly chart shows that the MACD has been in an upward trend since forming a golden cross. At the same time, the MACD is gradually weakening, and the current MACD volume can be weakened. Looking at the non-zero band indicator, it is expanding up and down, indicating that there is a demand for a pullback in the market.

Continue to observe the weekly and daily lines, and find that the MACD on the daily line is gradually weakening, the upper moving average is about to form a death fork, and the MACD energy column is also moving below the 0 axis. Back to the hourly level, yesterday BTC fell sharply at a high of 43,900, touched around 40,200 and then consolidated before falling again to around 40,200 to form a double bottom.

The current market forms a box consolidation with support levels above and below. According to the analysis of the Fibonacci lines, the current price is at 41,845, which is just a retracement from 0.3 to 0.382. If BTC continues to be strong today, it could rise to 42,000 or even 42,400. When the price comes to this area, you can consider selling on the upside.

Looking at the 4-hour chart, the MACD energy bar is still below the 0 axis, but the amount is still considerable. You need to pay close attention to market trends and adjust your trading strategy at any time.

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